Nothing to wear? In the future, this might also concern virtual clothing for the metaverse!
Who is meant to buy this, naysayers argue? A sizeable number of people in the not too distant future, the Bepace Editorial Team says.
Really, will they? As most people currently have no idea what the metaverse is, it stands to reason that they have never considered investing in upscale virtual clothing for it. Nonetheless, Meta, formerly known as Facebook, sold Prada apparel at discount pricing in 2022. According to the US daily New York Times, the items from the at that time current collection of the classic Italian house should not have cost more than nine euros. So affordable, you might ask. Yes, but these were not hung in physical form in the boutiques of luxury brands but were available as so-called skins, i.e., virtual clothing, in the digital store of Instagram, Facebook, and Facebook Messenger – specially made to outfit avatars for the metaverse.
The difficulty with the metaverse is obvious – mainstream culture cannot yet grasp it. But this time, the fashion industry does not want to miss out on a big business opportunity as it did with the start of e-commerce. Some analysts estimate the economic potential of the Metaverse at $760 billion by 2026 and the Business of Fashion estimates the sales potential is at 50 billion dollars by 2030. Moreover, in the luxury study by the Boston Consulting Group, almost half of those surveyed say they are interested in virtual online shops. Almost two-thirds of these shoppers between the ages of 18 and 34 find that the metaverse makes it easier to discover luxury brands. Based on this, it is no surprise that the French fashion house Balenciaga even sets up its own “Business Unit Metaverse”.
The Bepace Editorial Team understands why luxury fashion brands are drawn to this world. If meetings, and social interaction shift even more into the digital world, this opens up possibilities to make the virtual existence pretty with shiny arts, or even colorful fashion. We spend time working from home and want to just look at pretty clothes, as we do not necessarily wear them out that much nowadays.
Furthermore, we see great potential in the environmental friendliness of the metaverse. After aviation, the fashion industry is considered the second largest polluter. If the growth of the industry and the desire for constantly new clothes and trends were simply shifted to the metaverse, this could mean relief and, for example, less textile waste and fast fashion.
We were quite excited to attend the first Metaverse Fashion Week on Decentraland last year when brands like Dolce & Gabbana showed digital runway shows with avatars. Last September, Tommy Hilfiger showed his physical show in New York for the first time in parallel as an avatar version on Roblox. Also, we were astonished that a virtual Gucci bag was resold last year on Roblox for 350,000 of the in-house cryptocurrency Robux, the equivalent of about 4,115 US dollars – while the same model costs only 3,400 dollars in the real world.
Other verdict of visitors to the first Fashion Week at the metaverse was similarly mixed. Some found it interesting, other drawn negative comparisons with computer games of the late 80s and some criticized the chunky 3-D glasses that damaged the whole experience for them.
This year, the virtual fashion events continue as well. Decentraland’s Metaverse Fashion Week23 “will feature over 60+ participating brands, artists, and designers from around the world and promises unique and immersive experiences that not only showcase the latest trends and designs in virtual fashion, but a place where attendees can expect a wide range of activities, including fashion shows, pop-up shops, networking opportunities, and much, much more. ” (Source: Decentraland)
Unlike many traditional fashion weeks that only permit invited guests, Metaverse Fashion Week is free and open to everyone. Users simply log into the browser-based platform Decentraland. Mark your calendar for March 28–31, and here is your “ticket” to MVFW23. The Bepace Editorial Team will certainly participate.